Creating a Successful High-Tech Engineering Business in Northern Ireland

1580 Words7 Pages
Creating a Successful High-Tech Engineering Business in Northern Ireland

Contents

Section Page

1 Introduction 3

2.1 Competition 3

2.2 Funding 4

2.3 Recruitment 4

2.4 Location 5

2.5 Technical Innovation 5 2.6 Global Market Trends 6

3 Conclusion 6

4 References 7

1 Introduction

The aim of this report is to describe the factors associated with creating and developing a high- tech engineering business in Northern Ireland. There are many business related factors that need to be considered before entering an unknown market, especially the high- tech engineering market, which is constantly changing. Compared to the same market in the likes of the United States, where it is well established, this type of market is a relatively new concept to Northern Ireland. It is for this reason that market research and business planning is so important before pursuing a venture like this. In this study, some of the main aspects that a new business faces will be explored and analysed.

2.1 Competition

One of the most important factors associated with setting up a new business is competition. At the outset a new business will have to identify any possible competitors, and then formulate a set of aims and objectives in order to compete. Carrying out in depth research of the market and maybe talking to competitors is key before a business commits itself. A business will need to establish a benchmark before entering an unknown market. For the likes of a high-tech business starting up in Northern Ireland, it may be wise to compromise with competition and maybe set up a joint venture in order to compete globally. An example of this would be the Thales defence company. This company teamed up with Lockheed Martin (the worlds leading defence company) on one of their missile programmes which not only enabled them to compete globally but also give them recognition in the United States. Also, the company was able to gain extra funding to feed into there research and development programme, enabling them to carry out testing which would be unheard of in this country. As a result of this, Thales made a so- called ‘name’ for themselves in the global defence market, and attracted contracts from Lookheed Martin on future projects.

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